sarahcount
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Post by sarahcount on Jan 21, 2019 16:32:44 GMT
Underwriter has pulled out.
But going into auction next month and FS are undertaking to cover any shortfall themselves.
This is becoming a bit of a habit - but good news for investors if we get full capital and interest back.
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adrian77
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Post by adrian77 on Jan 21, 2019 17:00:56 GMT
Not sure how an underwriter can simply pull-out?
However FS have said they will honour the contract so credit and thanks to them to doing that.
I would like to see much more of such an attitude but as I have a fair wadge in this one I am pleased.
Godanubis - why not ask them for the auction details as this one will (hopefully be priced to sell)
Be interesting to see what it goes for - I know nothing about this market but this car looks highly desirable to me...
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p2ploser
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Post by p2ploser on Jan 21, 2019 18:15:26 GMT
Only fs could find an underwriter with no money. Thought I’d heard it all but they can still provide fresh amusement almost daily.
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baldpate
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Post by baldpate on Jan 21, 2019 21:44:10 GMT
I imagine FS knew some time ago that the underwriter would renege, which would explain why they took so long to default the loan - hoping against hope that the borrower would come good. With interest accruing at a modest 8% rate, they probably thought it was worth the risk to try.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 22, 2019 1:15:19 GMT
Not sure how an underwriter can simply pull-out? However FS have said they will honour the contract so credit and thanks to them to doing that. I would like to see much more of such an attitude but as I have a fair wadge in this one I am pleased. Godanubis - why not ask them for the auction details as this one will (hopefully be priced to sell) Be interesting to see what it goes for - I know nothing about this market but this car looks highly desirable to me... Believe me I have looked into this one , With this very similar one with extras link . There would not be enough meat left on the bone for me (or Mates)
Now Whitehaven that's a diffrent kettle of fish. It was cheaper with lots of potential, 
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adrian77
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Post by adrian77 on Jan 22, 2019 9:48:58 GMT
great link - the selling price is £37K retail and the FS loan £36K ...
I will ask FS to post details of the auction as it will be interesting - what would a trade buyer be willing to pay - £25-£30K? By the time we have auction costs and interest it looks to me as if FS are possibly going to have to open their wallet - the sooner the better! Of course there could be a petrol head who loves the car and gets carried away...
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mullet
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Post by mullet on Jan 23, 2019 22:25:08 GMT
Similar to Barnoldswick, once FS have promised to cover the loan and interest but have decided to hold off and rack up loads of interest rather than repay immediately, the only reasons I can think for this is:
1.They don't have the money
2.They have no intention of repaying
3.They are too stupid/disorganised to realise how much interest is building up.
All of the above are equally worrying in their own way.
On a separate note I can almost accept that someone may have got a bit carried away when writing the loan description stating that is was underwritten and guaranteed. However the continued pack of lies we have been dealt for months about the phantom underwriter is deceitful and dishonest in my opinion, and that is not acceptable.
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arby
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Post by arby on Jan 23, 2019 22:58:57 GMT
Similar to Barnoldswick, once FS have promised to cover the loan and interest but have decided to hold off and rack up loads of interest rather than repay immediately, the only reasons I can think for this is: 1.They don't have the money 2.They have no intention of repaying 3.They are too stupid/disorganised to realise how much interest is building up. All of the above are equally worrying in their own way. On a separate note I can almost accept that someone may have got a bit carried away when writing the loan description stating that is was underwritten and guaranteed. However the continued pack of lies we have been dealt for months about the phantom underwriter is deceitful and dishonest in my opinion, and that is not acceptable. The auction is in 1 month, it doesn't seem like an unreasonable delay from when they said they'll cover the capital & interest. Not sure what your point is.
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bg
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Post by bg on Jan 24, 2019 7:11:23 GMT
Similar to Barnoldswick, once FS have promised to cover the loan and interest but have decided to hold off and rack up loads of interest rather than repay immediately, the only reasons I can think for this is: 1.They don't have the money 2.They have no intention of repaying 3.They are too stupid/disorganised to realise how much interest is building up. All of the above are equally worrying in their own way. Maybe it's because they are not allowed to put their own funds into a loan (FCA rules) which is what this would be if they repaid investors immediately (as they would then be the ones making the loan to the borrower). Besides, one months interest is a little over £200. Peanuts. Perhaps they put that in the loan description because at the time they had someone who said they would buy the car for £x but have since changed their mind/had a change in circumstances. Just a thought.
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09dolphin
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Post by 09dolphin on Jan 24, 2019 8:25:32 GMT
It's really good to know that FS are going to underwrite this loan + interest (as I understand it). The auction date is immaterial because, if the capital and interest is guaranteed, investors will receive everything they expected - although it will be significantly later than was forecast and after all the loan was only for 6 months. I really don't know why FS were so tardy in defaulting this loan but it has cost them dear so perhaps they will learn from this experience at no cost to investors.
Whilst I don't have any money in this loan it does give me a little hope that FS are honourable but they really do need to up their game on all the too numerous loans that are defaulted and/or are over 12 to 24 months late.
My reluctance to invest in any FS loans is based on the fact that the LTVs bear little relation to the amount these properties or pawn items achieve when they go to an auction. If the LTV is "inflated", as it often is in my view and experience, there is little or no chance of a successful recovery that will satisfy investors.
I really believe this site could be profitable and successful if the LTVs were questioned and more stringently controlled and FS's reluctance to institute recovery processes (as evidenced by this loan) were better managed.
Yes I have an unfortunate list of "bad loans" which is a risk I took for an excellent return which is why I'm no longer an active investor - but if I was more confident in FS's ability to manage the situation I would reconsider.
I'm someone who expects some loans to return a loss because that's the nature of lending. It's the level of loss I find difficult to accept.
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Post by df on Jan 28, 2019 21:11:37 GMT
It's really good to know that FS are going to underwrite this loan + interest (as I understand it). The auction date is immaterial because, if the capital and interest is guaranteed, investors will receive everything they expected - although it will be significantly later than was forecast and after all the loan was only for 6 months. I really don't know why FS were so tardy in defaulting this loan but it has cost them dear so perhaps they will learn from this experience at no cost to investors.
Whilst I don't have any money in this loan it does give me a little hope that FS are honourable but they really do need to up their game on all the too numerous loans that are defaulted and/or are over 12 to 24 months late.
My reluctance to invest in any FS loans is based on the fact that the LTVs bear little relation to the amount these properties or pawn items achieve when they go to an auction. If the LTV is "inflated", as it often is in my view and experience, there is little or no chance of a successful recovery that will satisfy investors.
I really believe this site could be profitable and successful if the LTVs were questioned and more stringently controlled and FS's reluctance to institute recovery processes (as evidenced by this loan) were better managed.
Yes I have an unfortunate list of "bad loans" which is a risk I took for an excellent return which is why I'm no longer an active investor - but if I was more confident in FS's ability to manage the situation I would reconsider.
I'm someone who expects some loans to return a loss because that's the nature of lending. It's the level of loss I find difficult to accept. I think it was a good move (21/01/19 update). I read it as admitting of mistake and commitment to reimburse. Good step for rebuilding lenders' confidence.
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adrian77
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Post by adrian77 on Feb 4, 2019 12:11:22 GMT
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Greenwood2
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Post by Greenwood2 on Feb 4, 2019 12:31:02 GMT
If the number plate comes with it, that alone could be worth quite a bit. Edit: The one on the car isn't given as the registration...
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adrian77
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Post by adrian77 on Feb 22, 2019 9:56:39 GMT
I have just spoken to the auctioneers after checking FS have not updated their notes on this one. Well as they seem too bloody useless to do this I will do it for them
- car has been withdrawn from auction due to legal issues (what legal issues!)
- auction house is hoping to re-enter on 30th April
I have a modest amount in this one solely because it was underwritten and here we are a few days under 9 months late - as far I am concerned this arguably a case of deception
And there was me hoping to get some of my money back...am I impressed - answers on a digital postcard
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p2ploser
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Post by p2ploser on Feb 22, 2019 10:34:02 GMT
Can this shower get any worse? Even when they do provide updates they are generic and thus meaningless. Most of the time they seem not to be bothered to update at all. Minor rant over!
btw - thanks for your efforts and update.
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